Rand Paul: Audit the Fed

2/5/13 12:17 PM EST

Following his father’s crusade, Sen. Rand Paul (R-Ky.) has refiled legislation that would require an expansive audit of the Federal Reserve.

The proposed audit of the bank that oversees the nation’s monetary system has been a longtime crusade of Ron Paul and became a banner issue during his unsuccessful 2012 presidential campaign. He argued that the Fed was responsible for manipulating currency and damaging the economy. Ron Paul was able to persuade Mitt Romney and Newt Gingrich to also support an audit.

The audit has become a rallying cry for Ron Paul’s supporters and seen more public support since it was made a central part of his 2012 race.

Rep. Paul Broun (R-Ga.) has filed the companion legislation in the House, replacing Ron Paul as the lead sponsor.

Ron Paul’s original bill managed to passed 327-98 through the House last year with overwhelming bipartisan support, even though the House Democratic leadership opposed the measure, saying that it could force the Fed to make decisions based more on politics than sound economic policy.

The bill was unable to get a vote in the Senate.

“Harry Reid was the single reason Audit the Fed was not brought to the floor of the Senate in 2012,” John Tate, president of the Campaign for Liberty, said in a statement. “Harry Reid knows full well that Audit the Fed- which he previously claimed to be a strong supporter of- would pass both the House and the Senate if he allowed a vote. It seems the Senate Majority Leader doesn’t want the American people to know what he, President Obama, and the Federal Reserve have been doing to our money and our economy.”